French President Taxes Rich 100%?!?

[jkapp]

Holy crap!  Was the French president born this stupid or did he take a class?

money.msn.com/now/post.aspx?post=aa8584e2-c576-4922-ada7-5eda6b598806

Some of France's richest taxed more than 100%
More than 8,000 households got hit with the one-time levy as Socialist President Francois Hollande continues to target the nation's wealthiest.


The funniest part of the article:

Hollande's government has been trying to impose a temporary 75% tax on earnings over 1 million euros, but France's Constitutional Council ruled that the rate was unfair and threw it out. An administrative court has since declared that a marginal tax rate higher than 66.66% percent imposed on a single household borders on confiscatory.

LOL!!! Oh, so once taxes pass the 2/3 mark only then are they deemed to be confiscatory!

[pappyjohn99]

Hollande has also severely restricted the purchase and sales of gold. I don’t think the Euro has long to live.

lewrockwell.com/slavo/slavo59.1.html

[Virgil Showlion]

Some of France's richest taxed more than 100%
More than 8,000 households got hit with the one-time levy as Socialist President Francois Hollande continues to target the nation's wealthiest.

Maurice: "Good newz, monsieu. Zee sales of zee patios have caused profeets to... 'ow you say... sky rocket?"
Claude: "Sacre bleu! Non! Vee cannot afford eet! Every Euro vee earn makes me poorer!"

[jkapp]

May 21, 2013 10:48:35 GMT -5 pappyjohn99 said:

Hollande has also severely restricted the purchase and sales of gold. I don’t think the Euro has long to live.

lewrockwell.com/slavo/slavo59.1.html

Yeah I'm not sure what he's trying to do...the only thing I can think of is he wants out of the Euro so is taking these steps to make sure it happens?

[AgeOfEnlightenmentSCP]

This happens all the time in the United States. Ever hear of "imputed income" or the "death tax"?

[AgeOfEnlightenmentSCP]

Ever hear of "phantom" income?

[djAdvocate]

May 21, 2013 9:53:11 GMT -5 jkapp said:

Holy crap!  Was the French president born this stupid or did he take a class?

money.msn.com/now/post.aspx?post=aa8584e2-c576-4922-ada7-5eda6b598806

Some of France's richest taxed more than 100%
More than 8,000 households got hit with the one-time levy as Socialist President Francois Hollande continues to target the nation's wealthiest.


The funniest part of the article:

Hollande's government has been trying to impose a temporary 75% tax on earnings over 1 million euros, but France's Constitutional Council ruled that the rate was unfair and threw it out. An administrative court has since declared that a marginal tax rate higher than 66.66% percent imposed on a single household borders on confiscatory.

LOL!!! Oh, so once taxes pass the 2/3 mark only then are they deemed to be confiscatory!

odd, considering that 94% rates were not given a similar ruling in the US.

[djAdvocate]

May 21, 2013 10:48:35 GMT -5 pappyjohn99 said:

Hollande has also severely restricted the purchase and sales of gold. I don’t think the Euro has long to live.

lewrockwell.com/slavo/slavo59.1.html

hilarious.  you want to put a date on that.  how about 11 months?

[pappyjohn99]

Sure dj. By the time we swear in a new president, the Euro will be done. I'll put up this 6 pack.    

[zdaddy]

May 21, 2013 9:53:11 GMT -5 jkapp said:

Holy crap!  Was the French president born this stupid or did he take a class?

money.msn.com/now/post.aspx?post=aa8584e2-c576-4922-ada7-5eda6b598806

Some of France's richest taxed more than 100%
More than 8,000 households got hit with the one-time levy as Socialist President Francois Hollande continues to target the nation's wealthiest.


The funniest part of the article:

Hollande's government has been trying to impose a temporary 75% tax on earnings over 1 million euros, but France's Constitutional Council ruled that the rate was unfair and threw it out. An administrative court has since declared that a marginal tax rate higher than 66.66% percent imposed on a single household borders on confiscatory.

LOL!!! Oh, so once taxes pass the 2/3 mark only then are they deemed to be confiscatory!

There was a time when American top tax rates were that high, and at the same time the economy was booming and the middle class thrived. While I may not be a proponent of a 60-70 percent tax rate, I'm also not in favor of guys like Mitt Romney paying an effective 14 percent tax rate.

[djAdvocate]

May 22, 2013 10:33:47 GMT -5 pappyjohn99 said:

Sure dj. By the time we swear in a new president, the Euro will be done. I'll put up this 6 pack.    

deal.  who picks the beer?

[djAdvocate]

May 22, 2013 14:01:42 GMT -5 zdaddy said:

May 21, 2013 9:53:11 GMT -5 jkapp said:

Holy crap!  Was the French president born this stupid or did he take a class?

money.msn.com/now/post.aspx?post=aa8584e2-c576-4922-ada7-5eda6b598806

Some of France's richest taxed more than 100%
More than 8,000 households got hit with the one-time levy as Socialist President Francois Hollande continues to target the nation's wealthiest.


The funniest part of the article:

Hollande's government has been trying to impose a temporary 75% tax on earnings over 1 million euros, but France's Constitutional Council ruled that the rate was unfair and threw it out. An administrative court has since declared that a marginal tax rate higher than 66.66% percent imposed on a single household borders on confiscatory.

LOL!!! Oh, so once taxes pass the 2/3 mark only then are they deemed to be confiscatory!

There was a time when American top tax rates were that high

you bet.  that would be 1981, the year Reagan was first elected.  not exactly a lifetime ago for most of us.

, and at the same time the economy was booming and the middle class thrived. While I may not be a proponent of a 60-70 percent tax rate, I'm also not in favor of guys like Mitt Romney paying an effective 14 percent tax rate.

[pappyjohn99]

To the victor, go the spoils. Winner chooses. Cool?

[djAdvocate]

May 22, 2013 16:40:04 GMT -5 pappyjohn99 said:

To the victor, go the spoils. Winner chooses. Cool?

absolutely.

[jkapp]

May 22, 2013 15:29:39 GMT -5 djAdvocate said:

May 22, 2013 14:01:42 GMT -5 zdaddy said:

There was a time when American top tax rates were that high

you bet.  that would be 1981, the year Reagan was first elected.  not exactly a lifetime ago for most of us.

, and at the same time the economy was booming and the middle class thrived. While I may not be a proponent of a 60-70 percent tax rate, I'm also not in favor of guys like Mitt Romney paying an effective 14 percent tax rate.

Except look at every other tax rate in 1981...they were all much much lower, or even non-existent.  SS tax, property taxes, state income taxes, gas taxes, utility taxes, state sales taxes, etc, etc.  Add a 70-80% top tier tax, or raise all fed income taxes, and you will only hurt the economy at this point.  That could essentially create a 100% total tax rate, if not damn close to it...

I know that's what some want in this country, but they would only be clamping on their own chains (to use a Joe Biden analogy)

[djAdvocate]

May 23, 2013 8:27:54 GMT -5 jkapp said:

May 22, 2013 15:29:39 GMT -5 djAdvocate said:

Except look at every other tax rate in 1981...they were all much much lower, or even non-existent.  SS tax,


10.7% -vs- 12.4%

 property taxes,

exactly the same in our state

state income taxes,

10.3% -vs- 11.2% (it was 12% in 1978)

gas taxes, utility taxes, state sales taxes, etc, etc.  Add a 70-80% top tier tax, or raise all fed income taxes, and you will only hurt the economy at this point.  That could essentially create a 100% total tax rate, if not damn close to it...

bullpuckey.

I know that's what some want in this country, but they would only be clamping on their own chains (to use a Joe Biden analogy)

yeah, because, you know- we just did so horribly in the 1950's, when the top tax rate was over 90%. 

NOTE: i am not arguing for top rates here.  i am arguing that the sky won't fall and crush grandma if it were to happen.

[jkapp]

May 23, 2013 9:53:25 GMT -5 djAdvocate said:

May 23, 2013 8:27:54 GMT -5 jkapp said:

Except look at every other tax rate in 1981...they were all much much lower, or even non-existent.  SS tax,


10.7% -vs- 12.4%

 property taxes,

exactly the same in our state

state income taxes,

10.3% -vs- 11.2% (it was 12% in 1978)

gas taxes, utility taxes, state sales taxes, etc, etc.  Add a 70-80% top tier tax, or raise all fed income taxes, and you will only hurt the economy at this point.  That could essentially create a 100% total tax rate, if not damn close to it...

bullpuckey.

I know that's what some want in this country, but they would only be clamping on their own chains (to use a Joe Biden analogy)

yeah, because, you know- we just did so horribly in the 1950's, when the top tax rate was over 90%. 

NOTE: i am not arguing for top rates here.  i am arguing that the sky won't fall and crush grandma if it were to happen.

You can't exactly compare CA property taxes with other states since they have that Prop which keeps it low/consistent.  If you look at other states like WI, MN, NY, and NJ you will see big growth over the past 30+ years.  (If you have ever seen a list of worst states for taxes, property tax usually plays a big part.)

And if CA ever stops playing with their sales tax rates, I might be able to show a comparison there too...can you ask them to stop making changes every quarter?  

Personally, between fed income, state income, FICA, and property taxes, over a third of my salary is eaten up every year.  Then throw sales taxes and other taxes on top of that and you have well over 40% (I wish i could find my file that i use to calculate my total tax bill every year...I just completed 2012 a few months ago, and I think it ended up as 41.7% - but that included a 2% SS tax reduction within that year).  IMO that's borderline confiscatory...my definition being once the government takes more money from me than I receive for my labors, they have crossed into confiscatory taxation (i.e. over 50%).

And if Fed tax ratess were to spike upward another 5% or so, it would definitely get into confiscatory at that point - especially as other taxes keep growing.  For others who make more salary than me, it would probably be even worse.

[djAdvocate]

May 23, 2013 11:52:48 GMT -5 jkapp said:

May 23, 2013 9:53:25 GMT -5 djAdvocate said:

yeah, because, you know- we just did so horribly in the 1950's, when the top tax rate was over 90%. 

NOTE: i am not arguing for top rates here.  i am arguing that the sky won't fall and crush grandma if it were to happen.

You can't exactly compare CA property taxes with other states since they have that Prop which keeps it low/consistent.  If you look at other states like WI, MN, NY, and NJ you will see big growth over the past 30+ years.  (If you have ever seen a list of worst states for taxes, property tax usually plays a big part.)

i don't know other states.  i use my own example because it is personally relevant.

And if CA ever stops playing with their sales tax rates, I might be able to show a comparison there too...can you ask them to stop making changes every quarter?  

sales taxes as a % of state revenue have steadily fallen over the period in question.

Personally, between fed income, state income, FICA, and property taxes, over a third of my salary is eaten up every year. 

when has that NOT been the case?

Then throw sales taxes and other taxes on top of that and you have well over 40% (I wish i could find my file that i use to calculate my total tax bill every year...I just completed 2012 a few months ago, and I think it ended up as 41.7% - but that included a 2% SS tax reduction within that year).  IMO that's borderline confiscatory...my definition being once the government takes more money from me than I receive for my labors, they have crossed into confiscatory taxation (i.e. over 50%).

And if Fed tax ratess were to spike upward another 5% or so, it would definitely get into confiscatory at that point

fed tax rates DID go up 5% in January.

- especially as other taxes keep growing.  For others who make more salary than me, it would probably be even worse.

i make six figures, and i am doing fine, thanks.

[jkapp]

>>fed tax rates DID go up 5% in January.<<

Not across all tiers...only the top tier.  If all the Bush tax rate changes were left to expire, THEN almost everyone would get a 5% rate hike (the lowest tier would go from 10% to 15%).

[djAdvocate]

May 23, 2013 13:58:37 GMT -5 jkapp said:

>>fed tax rates DID go up 5% in January.<<

Not across all tiers...only the top tier. 

2% across all tiers.  more among some.

If all the Bush tax rate changes were left to expire, THEN almost everyone would get a 5% rate hike (the lowest tier would go from 10% to 15%).

ever been to any of the 11 highest taxed places on this list?

[EVT1]

You mean the Socialist dung holes of oppression? Funny- source- KPMG- one of the largest companies that exist to screw the USA out of taxes.  I remember the LILO thing on 60 minutes- American company buys a subway system or similar and leases it back to the country.  Pure scam- but when it comes to lawyers- hey- we are faster and more adept than the IRS lawyers so we can do this and save millions until they figure it out.  That is probably one of the worst flaws in this country- the brightest people are recruited by the worst companies on the planet to help them screw everyone else- why else do our best math folks end up on Wall-Street, creating trading strategies that have nothing to do with investing and everything to do with trying to fuck the other guy out of pennies every second.  How fucked up does it have to get when people realize that our system has been perverted by algorithms and high frequency trading?  When a company spends millions on a cross ocean fiber line to beat the next guy by milliseconds something is very wrong.  My view is we just take these assholes out and shoot them between the eyes- but I guess we could outlaw it easily- and effective- tax every trade. 

For taxes- I am willing to pay more- but not for wars.  Every war should be paid for by a war tax.  And, tax the dogshit out of the war industry.  Nothing worse on this planet exists than war profiteers, healthcare millionaires, stock manipulators, and the assholes that set up fake charities after a natural disaster.

[Deleted]

May 23, 2013 21:54:35 GMT -5 EVT1 said:

You mean the Socialist dung holes of oppression? Funny- source- KPMG- one of the largest companies that exist to screw the USA out of taxes.  I remember the LILO thing on 60 minutes- American company buys a subway system or similar and leases it back to the country.  Pure scam- but when it comes to lawyers- hey- we are faster and more adept than the IRS lawyers so we can do this and save millions until they figure it out.  That is probably one of the worst flaws in this country- the brightest people are recruited by the worst companies on the planet to help them screw everyone else- why else do our best math folks end up on Wall-Street, creating trading strategies that have nothing to do with investing and everything to do with trying to fuck the other guy out of pennies every second.  How fucked up does it have to get when people realize that our system has been perverted by algorithms and high frequency trading?  When a company spends millions on a cross ocean fiber line to beat the next guy by milliseconds something is very wrong.  My view is we just take these assholes out and shoot them between the eyes- but I guess we could outlaw it easily- and effective- tax every trade. 

For taxes- I am willing to pay more- but not for wars.  Every war should be paid for by a war tax.  And, tax the dogshit out of the war industry.  Nothing worse on this planet exists than war profiteers, healthcare millionaires, stock manipulators, and the assholes that set up fake charities after a natural disaster.

Evt, there are far worse things on this planet than the mild things you listed.  As far as people gaming the system, you'll always have that, as long as there's systems in place to game.  Why do you think people with money to invest create these systems, say like a carbon credit exchange.  Too make more money of course.   

[jkapp]

May 23, 2013 19:58:21 GMT -5 djAdvocate said:

May 23, 2013 13:58:37 GMT -5 jkapp said:

>>fed tax rates DID go up 5% in January.<<

Not across all tiers...only the top tier. 

2% across all tiers.  more among some.

If all the Bush tax rate changes were left to expire, THEN almost everyone would get a 5% rate hike (the lowest tier would go from 10% to 15%).

ever been to any of the 11 highest taxed places on this list?

And interestingly enough, even with all those taxes, their debt-to-GDP ratios follow almost along the same lines as this list, and are usually consistently higher than ours.  Just goes to show you that the more money government takes, it will spend that much more...hence why I'm so adamantly against ever increasing tax burdens (it's never enough, for some reason).

[djAdvocate]

May 24, 2013 14:44:20 GMT -5 jkapp said:

May 23, 2013 19:58:21 GMT -5 djAdvocate said:

ever been to any of the 11 highest taxed places on this list?

And interestingly enough, even with all those taxes, their debt-to-GDP ratios follow almost along the same lines as this list, and are usually consistently higher than ours.  Just goes to show you that the more money government takes, it will spend that much more...hence why I'm so adamantly against ever increasing tax burdens (it's never enough, for some reason).

actually, there is no correlation.  of the ten nations with the highest debt to GDP ratios, only ONE is in the top 10 in terms of taxes (Greece).  no other nation in the top 10 ranks higher than 15th in debt to GDP.

but don't let those thorny facts ruin your fantasy.

[jkapp]

May 24, 2013 22:58:38 GMT -5 djAdvocate said:

May 24, 2013 14:44:20 GMT -5 jkapp said:

And interestingly enough, even with all those taxes, their debt-to-GDP ratios follow almost along the same lines as this list, and are usually consistently higher than ours.  Just goes to show you that the more money government takes, it will spend that much more...hence why I'm so adamantly against ever increasing tax burdens (it's never enough, for some reason).

actually, there is no correlation.  of the ten nations with the highest debt to GDP ratios, only ONE is in the top 10 in terms of taxes (Greece).  no other nation in the top 10 ranks higher than 15th in debt to GDP.

but don't let those thorny facts ruin your fantasy.

Actually, not to burst your know-it-all bubble but 9 of those countries are in the top 15 for debt-to-gdp ratio

www.cnbc.com/id/30308959

What was it you said about facts again?

[djAdvocate]

May 28, 2013 10:11:31 GMT -5 jkapp said:

May 24, 2013 22:58:38 GMT -5 djAdvocate said:

actually, there is no correlation.  of the ten nations with the highest debt to GDP ratios, only ONE is in the top 10 in terms of taxes (Greece).  no other nation in the top 10 ranks higher than 15th in debt to GDP.

but don't let those thorny facts ruin your fantasy.

Actually, not to burst your know-it-all bubble but 9 of those countries are in the top 15 for debt-to-gdp ratio

www.cnbc.com/id/30308959

What was it you said about facts again?

um....Ireland has 1,200% Debt to GDP?  no.  i don't think so.  that is off by a factor of TEN.
i don't know whose ass CNBC is pulling those numbers from, but i think i will go with the CIA numbers:

en.wikipedia.org/wiki/List_of_countries_by_public_debt

if you can figure out WHY your "facts" differ from the CIA's by a factor of 10x, please let me know.

edit: i don't "know it all".  however, i spend a lot of time looking at national economics data.  and CNBC's is "novel" in terms of agreement with ALL of the other data i have seen.  it may turn out that they are RIGHT, and that i have been fed bullshit steadily on this subject for the last 10 years, but i highly doubt it.

[djAdvocate]

PS- Hong Kong is not a country.

[jkapp]

May 28, 2013 12:14:22 GMT -5 djAdvocate said:

PS- Hong Kong is not a country.

Yeah, I don't know why some people still act like its a "separated" province from the rest of China.  Didn't China re-absorb it from the UK in like 1994?

[djAdvocate]

May 28, 2013 14:18:01 GMT -5 jkapp said:

May 28, 2013 12:14:22 GMT -5 djAdvocate said:

PS- Hong Kong is not a country.

Yeah, I don't know why some people still act like its a "separated" province from the rest of China.  Didn't China re-absorb it from the UK in like 1994?

i think it was 2000, or 1999, or something like that- but yes.